Notice - Insurance Groups and Commercial Insurers Quarterly Financial Returns (2023-10-04)

Summary

This is a BMA notice informing Insurance Groups and Commercial Insurers that the Quarterly Financial Return templates for the quarter ended 30 September 2023 are now available on the Authority's website. It clarifies template changes for entities using IFRS accounting (including IFRS 17) and flags a specific catastrophe reporting request related to Hurricane Idalia.

• Non-IFRS filers: No changes were made to the tabs used by Insurance Groups and Commercial Insurers that do not report under IFRS accounting principles.
• IFRS filers: Insurance Groups and Commercial Insurers using IFRS (including those that have implemented IFRS 17) have the option to use streamlined tabs 1ASFS (IFRS), 2ASFS (IFRS) and 8ASFS (IFRS).
• Prior period comparatives: Where IFRS tabs are used, prior period comparatives do not need to be restated; the cumulative impact of adopting IFRS 17 should be recorded in tab 8AFS (IFRS) line 2(g) and disclosed accordingly.
• Catastrophe exposure reporting: Insurance Groups, Class 4, Class 3B and Class 3A Insurers required to file quarterly financial returns must include their exposure to Hurricane Idalia in the Catastrophe Exposure tab under Underwriting Loss Event #1, reporting preliminary best estimates even if loss estimates are still developing.

Entities with questions on this or other regulatory matters can contact the Authority at riskanalytics@bma.bm.

Key obligations

• Insurance Groups and Commercial Insurers using IFRS accounting who use the IFRS tabs must record the cumulative impact of adopting IFRS 17 in tab 8AFS (IFRS) line 2(g) and disclose it accordingly.
• Insurance Groups, Class 4, Class 3B and Class 3A Insurers required to provide quarterly financial returns must include their exposure to Hurricane Idalia in the Catastrophe Exposure tab under Underwriting Loss Event #1, reporting preliminary best estimates where final figures are unavailable.

Applies to

Insurance Groups, Commercial Insurers, Class 4 Insurers, Class 3B Insurers, Class 3A Insurers